Glossary
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- last will and testament
- A legal document that defines how your assets will be distributed once you pass on.
- life insurance
- A contract between you and an insurance company where in exchange for predetermined premiums the insurer pays an amount of money to a person or people of your choosing once you pass on.
- living will
- A legal document that states your medical wishes if you are no longer capable of making decisions for yourself.
- long term care insurance
- Provides coverage for your needs if you become infirmed and need additional assistance — can include in-home care, assisted living or nursing homes.
- longevity risk
- The risk of outliving your savings.